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The Gazette of Pakistan
ISLAMABAD, WEDNESDAY, MAY 16, 2001
PART I
Acts, Ordinances, President’s Orders and Regulations
GOVERNMENT OF PAKISTAN
MINISTRY OF LAW, JUSTICE, HUMAN RIGHTS AND PARLIAMENTARY AFFAIRS
(Law, Justice and Human Rights Division)
Islamabad, the 16th May, 2001

F.No.2(1)/2001-Pub.-- The following Ordinance made by the President is hereby published for general information:-

ORDINANCE NO. XXII OF 2001
AN
ORDINANCE

further to amend the Small Business Finance Corporation Act, 1972

WHEREAS it is expedient further to amend the Small Business Finance Corporation Act, 1972 (XXIX of 1972), for the purpose hereinafter appearing;

AND WHEREAS the National Assembly and the Senate stand suspended in pursuance of the Proclamation of Emergency of the fourteenth day of October, 1999 and the Provisional Constitution Order No. 1 of 1999;

AND WHEREAS the President is satisfied that circumstances exist which render it necessary to take immediate action;

NOW, THEREFORE, in pursuance of the Proclamation of Emergency of the fourteenth day of October, 1999, and the Provisional Constitution Order No. 1 of 1999, read with the Provisional Constitution (Amendment) Order No. 9 of 1999, and in exercise of all powers enabling him in that behalf, the President of the Islamic Republic of Pakistan is pleased to make and promulgate the following Ordinance--

1. Short title and commencement.-- (1) This Ordinance may be called the Small Business Finance Corporation (Amendment) Ordinance, 2001.
(2) It shall come into force at once.

2. Amendment of section 2, Act XXIX of 1972.-- In the Small Business Finance Corporation Act, 1972 (XXIX of 1972), hereinafter referred to as the said Act, in section 2, --
(a) clause (cc) shall be omitted;
(b) after clause (h), the following new clause shall be inserted, namely:-
"(hh) "medium enterprise" means an industrial, manufacturing or trading unit and such other concern the total value or the fixed assets of which does not exceed one hundred million rupees;"; and
(c) for clause (n) the following shall be substituted, namely:-
"(n) "small business" means an industry, or an industrial, manufacturing or trading unit, or such other concern the total value of the fixed assets of which does not exceed twenty million rupees;".

3. Substitution of section 17, Act XXIX of 1972.-- In the said Act, for section 17 the following shall be substituted, namely:-
"17. Additional business.-- The Corporation may subscribe or invest in shares, stock or other securities of companies including but not limited to companies to which a loan has been advanced by the Corporation.".

4. Substitution of section 18, Act XXIX of 1972.-- In the said Act, for section 18 the following shall be substituted, namely:-

"18. Lending policy.-- (1) The following shall be eligible for loans from the Corporation for such purpose, to such extent and subject to such conditions as may be prescribed, namely:-
(a) all classes of small business owned or sponsored by an individual or firm; and
(b) a medium enterprise owned or sponsored by an individual, firm or company.

(2) The limit of loans advanced to a small business shall not exceed ten million rupees and the limit of advances to a medium enterprise shall not exceed thirty million rupees.".

MUHAMMAD RAFIQ TARAR,
President

MALIK HAKAM KHAN
Draftsman/Addl. Secretary

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